Inflation forces migrants to reduce remittances ~
The WorldRemit Cost of Living index has found that 82% of remittance senders agree that the cost of living for the people who they send money to has risen since the start of the year.
One in nine people worldwide rely on money sent from friends and relatives who have migrated abroad for work. With several factors contributing to increased financial pressure, new data showed that 72% of respondents in the US, 41% in Australia, and 44% in the UK have taken up a side hustle , with 27% of respondents on average across our three markets indicating they did so to support the increase in their own cost of living.
Households around the world are set to re-examine their spending habits in light of inflation, with more than a quarter of respondents saying that they are curtailing discretionary spending on entertainment such as dining out or going to the cinema or theatre. For example, in the UK, nearly two-thirds of people noted concerns regarding the cost of utility bills, highlighting the change in spending habits of UK households as a result of the energy crisis.
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